Today on leaders with lacqua, we meet one of the most recognized names in swiss banking. He is now vicechairman at blackrock, the worlds biggest money manager, which handles more than 5 trillion in assets. So we are 10 years on from the financial crisis. What have we learned . Philipp well, we have learned that we had too much leverage in the system without any doubt. And that when you have leverage, bad things happen. Not only do they happen, but when they happen, the effects tend to be amplified. So i think that is the key take away from it all. I think we have also learned that this notion of kind of letting the market be totally free, that governments really should get out of the way, that wasnt a very good idea. I think what stands out is banks needed much, much more capital than they had at the time. We had capital levels that were excessively low. I mean, in some cases, these banks, they were, these banks were leveraged nearly 100 times. And that, to me, has always been the key
Recognized names in swiss banking. He is now vicechairman at blackrock, the worlds biggest money manager, which handles more than 5 trillion in assets. So we are 10 years on from the financial crisis. What have we learned . Philipp well, we have learned that we had too much leverage in the system without any doubt. And that when you have leverage, bad things happen. Not only do they happen, but when they happen, the effects tend to be amplified. So i think that is the key take away from it all. I think we have also learned that this notion of kind of letting the market be totally free, that governments really should get out of the way, that wasnt a very good idea. I think what stands out is banks needed much, much more capital than they had at the time. We had capital levels that were excessively low. I mean, in some cases, these banks, they were, these banks were leveraged nearly 100 times. And that, to me, has always been the key takeaway. In fact, in some ways i wish we had focused
Recognized names in swiss banking. He is now vicechairman at blackrock, the worlds biggest money manager, which handles more than 5 trillion in assets. So we are 10 years on from the financial crisis. What have we learned . Philipp well, we have learned that we had too much leverage in the system without any doubt. And that when you have leverage, bad things happen. Not only do they happen, but when they happen, the effects tend to be amplified. So i think that is the key take away from it all. I think we have also learned that this notion of kind of letting the market be totally free, that governments really should get out of the way, that wasnt a very good idea. I think what stands out is banks needed much, much more capital than they had at the time. We had capital levels that were excessively low. I mean, in some cases, these banks, they were, these banks were leveraged nearly 100 times. And that, to me, has always been the key takeaway. In fact, in some ways i wish we had focused
He is now vicechairman at blackrock, the worlds biggest money manager, which handles more than 5 trillion in assets. So we are 10 years on from the financial crisis. What have we learned . Philipp well, we have learned that we had too much leverage in the system without any doubt. And that when you have leverage, bad things happen. Not only do they happen, but when they happen, the effects tend to be amplified. So i think that is the key take away from it all. I think we have also learned that this notion of kind of letting the market be totally free, that governments really should get out of the way, that wasnt a very good idea. I think what stands out is banks needed much, much more capital than they had at the time. We had capital levels that were excessively low. I mean, in some cases, these banks, they were, these banks were leveraged nearly 100 times. And that, to me, has always been the key takeaway. In fact, in some ways i wish we had focused more on the capital issue and less
Banking. He is now vicechairman at blackrock, the worlds biggest money manager, which handles more than 5 trillion in assets. So we are 10 years on from the financial crisis. What have we learned . Philipp well, we have learned that we had too much leverage in the system without any doubt. And that when you have leverage, bad things happen. Not only do they happen, but when they happen, the effects tend to be amplified. So i think that is the key take away from it all. I think we have also learned that this notion of kind of letting the market be totally free, that governments really should get out of the way, that wasnt a very good idea. I think what stands out is banks needed much, much more capital than they had at the time. We had capital levels that were excessively low. I mean, in some cases, these banks, they were, these banks were leveraged nearly 100 times. And that, to me, has always been the key takeaway. In fact, in some ways i wish we had focused more on the capital issue